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Bbva Compass Bank I have been ripped off by Compass bank in NSF Fees Because of the Posting of Timely Deposits Friendswood Texas
I, too, changed from a small bank to Compass and have not been happy with the practices regarding their postings of debits and credits. I read the fine print on one of the NSF notices they sent and it states that even though you make a deposit before Bank Closing Time (4:00pm) for this location, If you have checks come in to clear that day, you will be charged a $38.00 NSF. But what is strange is that many times, these charges are not shown as pending and then the next day there they are like magic, In red, and my deposit I made dated the same day, which most the time is an account transfer from one account to another, and they are rearranged , cleared checks first, deposits later. They have actually returned, one large payment I had made to my fuel company, even though I made a deposit to cover it on time, that very same day. When I receive NSF notices, they will show i have $XX,XXX.XX dollars and charge me NSF charges on $XXX.XX it just goes on and on. Isnt, it only a matter of writing down the deposit first then deducting the checks that came in? Not to mention the fact that when I have called the customer service line to complain or beg for some of my money back they actually told me that if the check that clears has a date, written earlier than a deposit date(even if it would not have hit the bank until after the deposit) ,they can charge for that too. SOOOO, if my payroll checks on friday, dated that friday, and I deposit Monday Morning, but they haven't reached the bank yet till tuesday, that I can be charged NSF??????????? This was actually said to me by a bank representative in the Customer Service Dept.
Peggy
Pearland, Texas
U.S.A.
3 Updates & Rebuttals
Jim
Anaheim,California,
U.S.A.
You Have It Backwards
#4Consumer Comment
Thu, July 30, 2009
Its the checks and debits that clear first - then the credits and deposits. So if you wrote checks first and then deposited money the same day, it will result in an overdraft.
Rule of thumb: Money must ALWAYS be there first. No racing to the bank to see who will win; there is no question you will lose that race.
Edgeman
Chico,California,
U.S.A.
Peggy...
#4Consumer Comment
Wed, July 29, 2009
"I read the fine print on one of the NSF notices they sent and it states that even though you make a deposit before Bank Closing Time (4:00pm) for this location, If you have checks come in to clear that day, you will be charged a $38.00 NSF."
Yes. You must not write checks or authorize debits unless you have the funds available to cover them. If you attempt to "float" or "kite" funds, you will more than likely be charged overdraft fees.
"But what is strange is that many times, these charges are not shown as pending and then the next day there they are like magic, In red, and my deposit I made dated the same day, which most the time is an account transfer from one account to another, and they are rearranged , cleared checks first, deposits later."
If you do not write checks or authorize debits before funds are available in your account, you won't be charged overdraft fees.
"Isnt, it only a matter of writing down the deposit first then deducting the checks that came in?"
No, the funds need to be available before you spend any money.
Sylver8248
Murfreesboro,Tennessee,
U.S.A.
Response...
#4Consumer Suggestion
Wed, July 29, 2009
"I, too, changed from a small bank to Compass and have not been happy with the practices regarding their postings of debits and credits. I read the fine print
on one of the NSF notices they sent and it states that even though you make a deposit before Bank Closing Time (4:00pm) for this location, If you have checks come in to clear that day, you will be charged a $38.00 NSF."
Do the terms and conditions for your bank state that a deposit will post 100% if it is made by the end of their business day? Most banks have a cutoff of 2p.m. If you don't deposit by then the full amount will NOT be available, thus overdrafting your account for any outstanding purchases that come through. My bank does this.
"But what is strange is that many times, these charges are not shown as pending and then the next day there they are like magic, In red, and my deposit I made dated the same day, which most the time is an account transfer from one account to another, and they are rearranged , cleared checks first, deposits later."
All banks post debits/credits before deposits.
"They have actually returned, one large payment I had made to my fuel company, even though I made a deposit to cover it on time, that very same day."
You CANNOT make a purchase, THEN deposit the funds. If you do this, you will overdraft every time.
"When I receive NSF notices, they will show i have $XX,XXX.XX dollars and charge me NSF charges on $XXX.XX it just goes on and on. Isnt, it only a matter of writing down the deposit first then deducting the checks that came in?"
No. Debits/Credits/Checks are processed before deposits. Read your terms and conditions.
"Not to mention the fact that when I have called the customer service line to complain or beg for some of my money back they actually told me that if the check that clears has a date, written earlier than a deposit date(even if it would not have hit the bank until after the deposit) ,they can charge for that too."
Right. Because the funds for the check should have been in your account at the time that you wrote it. You are writing checks, then putting the money in your account to cover them. You CANNOT do this.
"SOOOO, if my payroll checks
on friday, dated that friday, and I deposit Monday Morning, but they haven't reached the bank yet till tuesday, that I can be charged NSF??????????? This was actually said to me by a bank representative in the Customer Service Dept."
Correct. If you spend the money from your payroll check, before the funds are fully available, you will be charged NSF fees.